Your money in their hands: be safe when you send money online

Make sure your currency specialist is trustworthy and secure before you commit
to using them to send money online.

Make sure your chosen foreign exchange service is authorised by the FCA to ensure your funds are safe.

5:58PM BST 03 Sep 2013

When sending money abroad, the quickest and cheapest way is to arrange an online money transfer with a specialist foreign exchange broker.

But in these uncertain times with so many countries still battling with the residual effects of the credit crisis, it is difficult to know who to trust. Knowing your money is in safe hands is especially important when you are buying foreign currency in advance to send to a bank overseas whether it’s to buy a property, fund your lifestyle or foreign mortgage or to pass to friends and family.

Before dealing with a currency broker, check that they are authorised by the Financial Conduct Authority (FCA). Many of the 1,500 currency brokers in the UK are registered with the FCA, but that’s not good enough. They need to be authorised by the FCA which will check their financial health.

An authorised firm will have a turnover of more than €3 million a month and must hold your money – and that of all their clients – in a separate ring-fenced account with a bank or building society. In this way, if anything goes wrong, your funds are safe.

The bank or building society will be part of the Financial Services Compensation Scheme (FSCS) which guarantees your money up to £85,000 in the unlikely event that the company collapses.

Moneycorp was chosen by the newspaper to operate the Telegraph International Money Transfer Service as it is one of the largest and longest-running currency brokers having started its business in 1979. It is authorised by the FCA and makes its annual report, which includes its financial accounts, available to visitors to its website. It makes more than 2.5 million transactions a year and many of them will be online transfers.

Using a broker like Moneycorp means you will get better exchange rates than you would through your bank saving yourself typically up to 4% on the rate. But it’s not just about more competitive rates.

A Moneycorp broker takes the time to discuss your needs with you to understand how he or she can help you. You will be given a dedicated dealer who will keep an eye on the fast-moving world of currency exchange for you making sure you don’t miss out.

To get the best exchange rates and your first transfer free call the Telegraph International Money Transfer Service freephone on 0808 115 8476 or open an account below.